NZDUSD – 100 Moving Average As Major Resistance
The New Zealand Dollar recently recovered well from the 0.6847 low against the US Dollar. However, the upside move found a monster resistance near the 100 simple moving average at 0.6965 on the 4-hours chart.
The NZDUSD pair turned south after the failure, and moved below the 23.6% Fib retracement level of the last wave from the 0.6847 low to 0.6968 high.
The last 3 candles are extremely bearish, calling for more declines may be towards 0.6860.
An intermediate support is around the 61.8% Fib retracement level of the last wave from the 0.6847 low to 0.6968 high at 0.6893.
Any major rallies towards 0.6960 may be considered as selling opportunity.